Binance Pool
The cryptocurrency exchange Binance launches its mining pool on April 27 that will support both the top world’s mining algorithms- Proof-of-Stake (PoS) and Proof-of-Work (PoW). The “Binance Pool” will have a direct integration with all exchange platforms to offer a safe way for miners to transact their funds while remaining at in place.
Zero Commission Fee for Specific Time
To attract miners, the platform is offering “zero commission fee discount” to miners until June 6. After this date, they will set the fee at 2.5%. They also inform that miners can transfer earn funds from the “Binance Pool” to exchange for trading and to the peer-to-peer trading site as well.
The CEO and founder of Binance, Changpeng Zhao, said:
“As an integral part of the global crypto market, empowering miners will therein enable significant growth and scale in the larger industry.”
Lisa He, the head of Binance Pool, says believes that the new launch of the exchange’s pool will integrate the mining process to directly financial series. “We aim to establish a comprehensive platform for miners that will bring more possibilities to the mining industry by bridging traditional mining to financial services,” Lisa said while talking to the crypto media outlet Cointelegraph.
Also read:Is the Bitcoin network Becoming more Decentralized?
As the big tech groups in the crypto ecosystem are taking interest in making their mining pools, the concern about the centralization of the Bitcoin network is also surging. The recent action of Binance is criticized by many Bitcoin maximalists as it leads towards the centralization of the network’s hashing power which is very dangerous for network security.
In a reply to Binance CEO’s tweet over Binance Pool, a crypto trader shared a graph by saying, “This hash distribution chart is soon going to be composed of just one colour.” There is a big list of crypto lovers who claim it an initiative to centralize the Bitcoin.
However, the head of Binance Pool tries to clear the doubts about the centralization of hashing power and defends Binance. “With industry players like Binance continuing to enter the mining space and contribute computing power to the industry, the mining industry is actually getting more decentralized than it was two years ago. The largest pools have less than 20% of the computing power of the whole network, and the assets on the Bitcoin network become more secure, “Lisa said.
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